Japan’s All Nippon Airways (ANA) is flush with funds and looking to acquire foreign carriers as part of a three-pronged growth strategy to counter Japan’s declining economy and population…. ANA has quietly flirted with Indian carriers and is now whistling sweet tunes to Philippines Airlines (PAL)…But the possible synergies between ANA and PAL are few….PAL’s low-cost and long-haul strategies are not yet the right fit, and ANA is a long way from being an effective trainer to bring matters into shape.

Unlike Europe, there are few airlines in the market; Asian airlines are not a buyer’s market. ANA will likely have to keep looking for its bride, even perhaps venturing beyond the region. After all, a dowry of USD1.8 billion in cash must be spent carefully.